Retail profits fall 14pc at B&Q owner
Group retail profits at B&Q owner Kingfisher fell 14pc year-on-year to £404m (€455m) in the six months to 31 July.
The result is 2pc behind Davy analysts expectations and, according to Davy, highlights the challenges the group continues to face.
Underlying pre-tax profit fell 15pc year-on-year to £375m, according to a trading update from Kingfisher.
Adjusted basis earnings per share was 11p and 12.8p on an underlying basis, down from 14.5p in the same period last year.
Revenue for the period rose 1pc year-on-year to £6.08bn, but declined 1pc in like-for-like terms.
Gross margins after clearance costs, as previously flagged by the group, were down 40 basis points.
Looking ahead, Kingfisher said that the "outlook for our main markets continues to be mixed" but believes it is on track to meet its 'ONE Kingfisher' targets.